The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-02-02
The Virginia State Debt.
To tie People Of Virginia g.:

At a meeting of Virginia Bondholders, con
yened by the Council of Foreign Bondh0lder.,
and held on Friday, the 2ith Of September.
1856, at the Cannonstreet Hotel, London,
the following resolutions were passed unanl-
mOusly
That this meeting deplorcs the long contest
into which the bOndhOlders have been forced
for the maintenance of their rights, anu while
asserting its stcadfast determination not 10 ac-
cept the Kddlcbergcr settlement, which, in
view Of the admitted ability OF Virginia 70 set
tie with her creditors, and the sacrifices they
have already made on her behalf, 10 considers
dishonest and unjust, hereby expresses its
willingness 10 meet the state and entertain
reasonable compromise based upon the pres
ent taxation and the available revenue. after
providing for the Constitutional Appropriation
for government, schools. and other public eX-
penditure.N
The State had the benefit of the whole of the
money she originally borrowed (s8,ODnOOl. IL
laid the foundation Of her roads. railways. and
canals and has brought millions Of dollars
into the country Had you not constructed
these public works with the bondholders
money you would have TO be taxed now for
them.
No State which borrowed money ever en-
jOyed the benefit OF lis loans more than N1r-
GINA has done. See Senate Document XIV.
Session, ls11-'1S.,
The present unsettled condition of the debt
is keeping capital and immigration out of Nir-
ginia, and as long as matters so continue You
will never develop the splendid resources OF
the state in the way they deserve.
The revenue OF Virginia is increasing. The
last assessment shows an increase of S55OO,-
900 in taxable values. Your present revenue
might be largely increased If the taxes were
more carefully collected and the present as
seSsmentS on property equallZed throughout
the State.
What might have been difficult to do a few
years ago is easy now, and each year the bur
den will become lighter When the debt ques-
~ !. ~,
now holds alOOf, will flow into the state.
The settlement offered by the DOndhOlders
proposes that the bonds now in existence bear
Ing taX-receiyabe coupons should be deposited
in some trust company; that new bonds should
be issued in their place bearing no taX-f ecelY
able coupons. and at a low rate Of interest
When the State pays a half-year's interest on
the new bonds, the taX-reeeiYable coupons Tor
that half-year shall be cut OF the old bonds by
the trust company, cancelled. and delivered u
the State. ANY increase on the present reye-
nue. will be appropriated by the State and
the bondhOlders will not have any claim on H.
There was cash balance last July in the
Treasury of $131, 600 and the average purchase
of Riddleberger 3s by the State has been al
the rate of $6000UO per annum in cash. The
State has some millions of dollars of assets
which would help her in arranging settle
ment.
The bondhOlders are as deeply interested as
you are in maintaining the credit and prosper
ity of your State They ask for fair hearing
and a discussion of the question by business
men, and not by politicians, whose interest II
is 10 prevent an understanding being arrived
at and an honorable compromise made.
The best way Of bringing about this settle
ment is for taxpayers 10 tender coupons In
payment OF their taxes. In view OF the con
ciliatory spirit and liberal offer made by the
creditors / venture respectfully TO submit 10
yOu that il is your moral duty, as well as your
legal right and privilege, 10 tender coupons for
taxes now due. JAMES =. COOPER.
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